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CHICAGO (AP) - OfficeMax Inc. said Thursday it swung to a first-quarter profit, but retail sales declined and results fell short of analyst expectations. Its stock tumbled as much as 16 percent.
The No. 3 office supplies retailer behind Staples Inc. and Office Depot Inc. also said the profitability of its division for business customers declined as the result of a shake-up in sales management.
Shares in the Naperville, Ill.-based company, which soared 85 percent last year, fell $6.71, or 13.5 percent, to $43.75 in morning trading after sinking as low as $41.73.
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